#Canada #Toronto #Quarterhill #Kyle Chriest #financial transition

Quarterhill Inc. Announces CFO Departure

On January 8, 2025, Quarterhill Inc. made headlines by announcing the departure of its Chief Financial Officer, Kyle Chriest. This transition comes as the company aims to solidify its position within the Intelligent Transportation System (ITS) industry, specifically regarding tolling and enforcement solutions.

A Smooth Transition Planned

Chriest's exit is not abrupt; he will remain with the company until the end of January to ensure that the transition is seamless. This measure is key in avoiding disruptions to Quarterhill’s operations. To facilitate Chriest’s replacement, the company has enlisted the help of an executive search firm. In the meantime, Morgan Demkey, who has been with Quarterhill since 2021, has stepped in as Interim CFO. Demkey's extensive background in finance, including senior roles at KPMG LLP, positions him well to guide the company during this transitional phase.

Positive Outlook Amid Changes

Quarterhill's CEO, Chuck Myers, expressed gratitude for Chriest’s leadership during a critical turning point for the company, noting that the past 18 months have been instrumental in ongoing transformation efforts. He stated, “We made substantial progress in turning around the Company—integrating our businesses, divesting non-core assets, streamlining our cost structure, and enhancing our technical capabilities. This transformation process is nearing completion, positioning us for substantial growth and margin expansion in 2025.”

Notably, Chriest’s decision to leave was not due to any disagreements concerning the performance or operational strategies of Quarterhill. These factors offer reassurance to stakeholders that the departure aligns with the broader positive trajectory of the company, maintaining confidence in its strategic direction and financial health.

Securing Future Success

In recent months, Quarterhill has focused on refining its operational strategies and consolidating its commitment to tolling and enforcement solutions. As the company continues to evolve, its outlook remains intact following the discussions from the recent Q3 earnings call held on November 8, 2024. According to management, expectations for upcoming Q4 2024 performance will be communicated by mid-March 2025.

As the company intends to expand its market presence, the recruitment of a new CFO will be pivotal in navigating future challenges and opportunities. The leadership transition heading into 2025 underscores Quarterhill's strategic emphasis on adapting to the dynamic landscape of the ITS industry, where competition and technological advancements are ever-present.

About Quarterhill

Quarterhill is recognized as a leading provider of tolling and enforcement solutions critical to developing and maintaining Intelligent Transportation Systems across various regions. The team's mission revolves around merging technological innovations with reliable service driven by an acquisition-focused growth strategy. The company's stocks are publicly traded on the TSX under the symbol QTRH and on the OTCQX Best Market as QTRHF.

The departure of Kyle Chriest signals not just a change in the financial helm but encapsulates a broader narrative of transformation and growth. With the interim leadership in place and a recruitment plan underway, Quarterhill is poised to navigate 2025 and beyond with resilience and ambition.